BAKU, Azerbaijan, Sept. 11
By Fakhri Vakilov - Trend:
The National Bank for Foreign Economic Affairs of Uzbekistan plans to issue Eurobonds and ruble bonds this year, becoming the first issuer from Uzbekistan to enter the Russian market, Trend report citing Uzbek media.
This was announced by the adviser to the chairman of the bank's board Bakhodir Alimov at the III international "Capital market of Uzbekistan" conference.
According to him, the bank plans to issue Eurobonds in US dollars and soums following the example of the Ministry of Finance.
"For the first time an Uzbek issuer will enter the Russian market with ruble bonds. This is difficult, and even harder than if it was to be listed on the London Stock Exchange,” said Alimov.
According to him, the first problem was that the bank could not carry out a direct issue and it was necessary to open an SPV (special purpose vehicle - a company created to implement a certain project).
The National Bank issued the first Eurobonds last year for $300 million.
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